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Electricity Act 1957
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- UK Public General Acts
- 1957 c. 48
- THIRD SCHEDULE
- Central reserve fund
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Central reserve fund
7(1)The central reserve fund shall be wound up as from the vesting date.
(2)The Electricity Council shall prepare a scheme for distributing the central reserve fund among the Generating Board and the Area Boards.
(3)A scheme prepared by the Electricity Council under the last preceding sub-paragraph shall not have effect until it has been settled by the Council with the Minister, after giving to the Generating Board and each of the Area Boards an opportunity to make representations thereon to him.
(4)Subject to the last preceding sub-paragraph, the central reserve fund shall be distributed in accordance with the scheme prepared and settled by the Electricity Council under this paragraph.
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